ONE OF Britain's leading Asian-owned businesses has been sold to an international petroleum products retailer and energy company, Prax, for an undisclosed amount.
Leicester-based HKS Retail (HKS) has around 70 petrol stations in the UK and employs more than 250 staff. In its latest accounts, HKS made a turnover of £120.9 million and gross profit of £10.8m.
The family business was founded in 1984 by Hasmukh, Kamlesh, and Sailesh Thakrar. The company began its operations with the opening of its first filling station in Coalville, just northwest of Leicester. With an estimated wealth of £105, the company was ranked 84th in this year's Asian Rich List, published by Eastern Eye.
HKS won the Fast Growth Business award at last year’s Asian Business Awards Midlands, hosted by the Asian Media Group, publishers of Eastern Eye. The retailer, through a series of smart acquisitions, increased its number of filling stations to 64 and spread beyond its traditional base in the Midlands.
Partnerships with Costa, Subway, and Greggs led to a substantial presence in the north and inside the M25, with locations from Yorkshire to Surrey.
Earlier this year, the HKS was ranked Sunday Times Grant Thornton Top Track 250 league list, which names Britain’s private mid-market growth firms with the biggest sales.
The family is also involved with charity organisations that include the British Heart Foundation, Leicester Riders and Healing Little Hearts, and HKS also contributed to the development of a medical research facility at the University of Leicester.
Prax owns the Harvest Energy forecourt brand. The company was established in 1999 and has its headquarters in London with offices around the world. The company has around 100 branded forecourt sites worldwide and a similar number of unbranded sites which it operates together with Londis.
The incident occurred on the same day Labour leader Sir Keir Starmer addressed the audience at London Tech WeekGetty Images